Saturday, August 18, 2012

In the Moody's

California's cities hear the sound of a shoe dropping;
Moody's Investors Service said in a report that the growing fiscal distress in many California cities was putting bondholders at risk.
The service announced that it will undertake a wide-ranging review of municipal finances in the nation's most populous state because of what it sees as a growing threat of insolvency.
Then follows something like, 'You can't get blood out of a turnip'.  Retired prison guards, police, firemen and CHIPpers, be warned.

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